Do they owe me money?

MQuinton

Hi all

Years ago I settled an egg loan before the end of the term (sept 2009) and ever since the loan has been showing on my egg internet banking with a zero balance. I was concerned that this was still showing on my credit report so I sent them a secure message and the reply I got was this:

"The product that you see is an insurance policy that you have remaining from your old loan which will run until 5th September 2009 and covers you for accident, sickness, unemployment and life."

Does this mean I paid for cover for the full term even didn't need it? Does this mean they owe me money from the time i settled the loan??

Regards

Mark

jonesMUFCforever

Depends on their terms and conditions.
You would have thought that when you closed the loan off that a proportion of the insurance premium would be refunded to you with the cover cancelled.
It may be that you had to specifically cancel the insurance as well as the loan.
Seems a sneaky way to me to stop them having to refund some dosh.
I would certainly take it further with Egg.

MQuinton

Just to let everyone know I called egg and asked why I have paid for insurance up to 2009 when I settled the loan and why did I not receive the option to cancel it. They then offered me £300+ rebate :-)

Just proves how rewarding a phone call and a moan can be!!

Mark